Premium Member

Back in my OG Droid days I had Go LauncherEX (free). It's really good and allows you to customize a lot (including add-ons). The Favorites widget won't work with Go Launcher EX, unfortunately, but they have their own to replace it.

SPB Shell 3D is supposed to be pretty sweet, but it's $14.95 and battery life can vary from user to user.

If you install a launcher, it's good to add an app like Home Manager, which will let you switch between them.

Ten different people will give you ten different answers. It's all personal preference. I use Go Launcher. It has the most themes and quite a few of them are free. Also it has more customizing options than most if not all launchers. The down side is, as was mentioned before, some stock widgets won't work. You have to use Go Widgets. And some say that it takes up too much room, that's it's too bloated. I have enough memory on my phone to make that a non-issue to me. It's smooth, fluid and fast on my Rezound. It got better when I installed the ics leak too. I've tried a few others including some 3d ones and I keep coming back to GL. I haven't found anything that does more or runs better.

I have go launcher ex and really love it. Very customizable, really endless ways. Great dev support too. Only application I liked better was spb shell 3d. Only problem was it didn't like the bionic. Had a really long lag going from the app you were in, back to the home screen. Even the devs couldn't figure it out.